Tyman PLC Trading Update (6054S)
17 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMTYMN
RNS Number : 6054S
Tyman PLC
17 November 2021
TYMAN PLC
Trading Update
Tyman plc ("Tyman" or the "Group"), a leading international
supplier of engineered components and access solutions to the
construction industry, provides an update on trading for the period
from 1 January 2021 to 31 October 2021.
Current trading and outlook
The positive trading momentum has continued into the second half
of 2021, with the International division performing particularly
strongly, largely mitigating the widely publicised supply chain
constraints that have impacted North America and the UK during the
period. As indicated at the time of the interim results in July,
strong market demand and market share gains have continued despite
global supply chain challenges, notably material and labour
availability, as well as global freight disruption. The Group now
expects that full year adjusted operating profit will be marginally
below consensus [1] .
Group revenue increased by 12% to GBP529 million on a reported
basis and by 19% on a like-for-like (LFL) basis for the ten months
to 31 October 2021 compared with the corresponding period in 2020,
which was impacted by operational shutdowns and reduced demand due
to COVID-19. Compared to the corresponding period in 2019, LFL
revenue was 8% higher.
LFL revenue growth for 10 months to 2021 vs 2020 2021 vs 2019
31 October
------------------------------------- -------------------- -------------
North America +14% +6%
UK & Ireland +22% +4%
International +33% +18%
Group +19% +8%
===================================== ==================== =============
Order intake continues at pace in North America, driven by
buoyant RMI activity and strong residential construction demand,
with US single family housing starts 21% higher in the nine months
to 30 September 2021 than in the corresponding period in 2020. The
UK has shown some signs of constrained growth due to the
availability of construction materials and labour, with the IHS
Markit / CIPS UK Construction PMI in October at 54.6 compared to
higher levels earlier in the year. The International division has
seen growth across all its major geographies, particularly in
continental Europe.
In addition to constraining revenue growth, the supply chain
issues have led to significant increases in raw material, freight
and labour costs. The Group has responded quickly to mitigate this
cost inflation through a series of pricing actions, although given
certain customer pricing mechanisms and the dynamic nature of the
cost increases, there is a lag in realisation.
The Group continues to work closely with customers and suppliers
in order to manage service level pressures and ensure continuity of
supply. This includes securing materials in advance and increasing
inventory holdings. Progress has also continued with investments to
increase capacity, optimise the network and improve supply chain
resilience.
Jo Hallas, Chief Executive Officer, commented:
"Underlying demand has continued to be strong across all Tyman's
core markets, although global supply chain issues have inevitably
constrained performance. We are mitigating these challenges through
close collaboration with our supply chain partners and a range of
operational excellence activities. The favourable long-term market
fundamentals and resilience of the Group's business model leave us
well-placed to navigate this unprecedented environment and deliver
further growth."
17 November 2021
Enquiries
Tyman plc 020 7976 8000
Jo Hallas - Chief Executive Officer www.tymanplc.com
Jason Ashton - Chief Financial Officer
MHP Communications 020 3128 8223
Reg Hoare / Rachel Farrington / Tom Gardner tyman@mhpc.com
Notes to editors
Tyman (TYMN: LSE) is a leading international supplier of
engineered fenestration components and access solutions to the
construction industry. The company designs and manufactures
products that enhance the comfort, sustainability, security, safety
and aesthetics of residential homes and commercial buildings.
Tyman's portfolio of leading brands serve their markets through
three divisions: Tyman North America (AmesburyTruth), Tyman UK
& Ireland (ERA) and Tyman International (SchlegelGiesse).
Headquartered in London, the Group employs approximately 4,300
people with facilities in 16 countries worldwide. Further
information is available at www.tymanplc.com .
[1] Consensus of GBP91.5m. Analyst forecasts can be found at:
https://www.tymanplc.com/investor-relations/analysts-consensus
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